Developers’ sales for the week of 12 – 18 Feb 2024 were 35 units
The CCR accounted for 20.0% while the RCR and OCR made up 42.9% and 37.1%
The respective top-selling projects in the CCR is 19 Nassim followed by Grand Dunman in the RCR, and Hillhaven and The Botany at Dairy Farm in the OCR
The Government announced a reduction in ABSD remission clawback of 1% to 10% for developers should they reach certain sales milestones ranging from 90% to 99%, respectively
This does not address developers’ concerns over the short 5-year ABSD timeline
For example, a 500-unit project built on land acquired for $500 million will face a clawback of $125 million excluding interest if it sells 99% of the units
This clawback is huge compared to the remaining value for 1% of units which can range from $7.5 to $15 million
Developers will still strive to sell out the project within 5 years
This reduction in ABSD remission clawback is symbolic
